Bitcoin’s price volatility has returned at the start of the business week, with the asset getting rejected at $84,000 yesterday, only to crash by over three grand before staging a notable comeback.
With most altcoins following a similar trajectory, it’s no wonder that the total value of wrecked positions has skyrocketed to well over $800 million on a daily scale.
$BTC experienced a major leg down at the end of the previous business week when the bears drove it hard to an 18-day low of $80,400. However, the bulls finally stepped up at this point and helped it recover to $83,000 during the weekend.
Know when your
coins moveAlerts, real-time prices, and market news — all in one app
4.8 based on 40K reviews in the App Store and Google Play
The asset even tried to take down the next key level on the path of recovery at $84,000, but the bears intervened on Monday morning.
The subsequent rejection culminated earlier on Tuesday morning with another nose-dive. This time, though, $BTC marked a higher low, dipping to just $80,850 (on Bitstamp).
Its rebound has taken it to almost $83,500 as of press time. The latest moves took place in just a few hours, and most altcoins mimicked them. ETH, for example, slumped to $2,410 before it recovered $100.
Although XRP also rebounded from the morning low of $1.31 and now sits at $1.36, it’s more than 3% down in the past 24 hours after it was stopped at $1.40.
As expected, these substantial fluctuations have resulted in a large number of liquidations. Data from CoinGlass shows that $810 million worth of longs and shorts have been wrecked daily, with longs responsible for roughly 85%.
The number of wiped-out traders is also quite high at 173,611 as of press time. The single biggest wrecked position took place on Binance and was worth over $9.6 million.
Leave a Reply
You must be logged in to post a comment.